Our managers
External managers
On this page we provide a six-monthly summary of our external manager relationships.
A complete list of the Funds' asset and investment managers (both those appointed by us and those who manage funds in which the Fund is invested) is published each year in our Annual Report.
NZ Super Fund
Manager
Year appointed
Fund name and focus area
Type
Adams Street Partners
2007
Adams Street Partnership Fund - Buyout
Unlisted
Apollo Global Management LLC
2014
Financial Credit Investment II - US Life Settlements
Unlisted
Apollo Global Management LLC
2017
Financial Credit Investment III - US Life Settlements
Unlisted
AQR Capital Management, LLC
2009
CNH Convertible Arbitrage Fund
Listed
AQR Capital Management, LLC
2018
Segregated mandate - Multi-factor Investing
Listed
Ara Partners
2023
Ara Fund III and Co-investment - Sustainable Transition
Unlisted
Bain Capital
2013
Bain Capital Credit Managed Account (NZSF), L.P. - Distressed Credit
Unlisted
BlackRock Investment Management UK
2020
Segregated mandate - Fixed Interest Securities (ex Treasuries)
Listed
Bridgewater Associates
2006
Bridgewater Pure Alpha Fund II, Limited - Global Macro
Listed
Canyon Capital Advisors
2016
Canyon NZ DOF Investing L.P. - Distressed Credit
Unlisted
Carlyle
2020
Carlyle FRL, L.P. Insurance Runoff
Unlisted
CBRE Global Investors
2021
Asia Value Partners Fund VI – Real Estate
Unlisted
CBRE Investment Management
2025
CBRE Asia Value Partners 7 – Real Estate (Opportunistic)
Unlisted
CIM
2019
N-Data Center Portfolio Co-Investor, LLC – Real Estate; N-Novva Co Investor LLC – Real Estate
Unlisted
Citadel
2020
Citadel Kensington Global Strategies Fund II – Global Macro
Listed
CITP
2011
China Infrastructure Partners Fund – Infrastructure
Unlisted
Columbia Capital
2020
Columbia Spectrum IV-A, LP - Spectrum
Unlisted
Columbia Capital
2023
Opportunity Fund I - International Growth Equity
Unlisted
Columbia Capital
2023
Equity Partners Fund VIII - International Growth Equity
Unlisted
Columbia Capital
2025
Columbia Spectrum Partners VI – Spectrum
Unlisted
Copenhagen Infrastructure Partners
2021
Energy Transition Fund I - Infrastructure
Unlisted
Deutsche Finance International
2021
European Value Add Fund II – Real Estate
Unlisted
Direct Capital
2009
Direct Capital Partners IV - New Zealand Growth Capital
Unlisted
Direct Capital
2016
Direct Capital Partners Fund V and Co-investment - New Zealand Growth Capital
Unlisted
Direct Capital
2020
Direct Capital Partners Fund VI - New Zealand Growth Capital
Unlisted
Direct Capital
2025
Direct Capital VII – Buyout
Unlisted
DTA
2023
Sutherland Timber SMA – Timber
Unlisted
Elementum Advisors
2010
Segregated mandate - Natural Catastrophe Reinsurance
Unlisted
Episteme
2023
Episteme Segregated Mandate - Global Macro
Listed
ESR
2022
ESR Data Centre Fund - Real Estate
Unlisted
FarmRight
2010
Rural land in New Zealand and Australia
Unlisted
Fifth Wall
2021
Early-Stage Climate Technology Fund and Co-investment - Sustainable Transition
Unlisted
Florin Court
2023
Florin Court Capital Fund
Listed
Generation Investment Management
2022
Sustainable Solutions Fund IV - Sustainable Transition
Unlisted
Global Forest Partners
2007
Global Timber Investors 8 - Timber
Unlisted
Global Forest Partners
2009 & 2012
AIF Properties - Timber
Unlisted
Global Forest Partners
2010
Global Timber Investors 9 - Timber
Unlisted
Grain Management
2020
Grain Spectrum Holdings III, LP - Spectrum
Unlisted
Hillwood
2019
US Industrial Club V, LP - Real Estate
Unlisted
Hillwood
2021
US Industrial Club VI, LP - Real Estate
Unlisted
Hillwood
2025
US Industrial Club VII – Real Estate (Opportunistic)
Unlisted
Kohlberg Kravis Roberts (KKR)
2007
KKR Asian Fund - Buyout
Unlisted
Kohlberg Kravis Roberts (KKR)
2014
KKR Energy Income and Growth Fund (EIGF) - Energy Growth (Shale)
Unlisted
Leadenhall Capital Partners
2013
Natural Catastrophe Reinsurance
Unlisted
Man AHL
2022
Man AHL Institutional Solutions Pure Momentum Plus and Evolution - Trend
Listed
Mint Asset Management
2015
Segregated mandate - New Zealand Active Equities
Listed
Morrison
2006
Global Infrastructure Mandate, including investments in RetireAustralia, Altogether, Longroad Energy, Galileo Green Energy and Active Listed Infrastructure
Listed and Unlisted
Morrison
2009
Public Infrastructure Partners Fund - Infrastructure
Unlisted
Movac
2016
Movac Fund 4 - New Zealand Growth Capital
Unlisted
Movac
2020
Movac Fund 5 - New Zealand Growth Capital
Unlisted
Movac
2023
Movac Fund 6 - New Zealand Growth Capital
Unlisted
Northern Trust
2013
Segregated mandate - Passive Global Equities
Listed
Northern Trust
2015
Segregated mandate - Passive Emerging Markets Equities
Listed
Northern Trust
2018
Segregated mandate - Multi-factor Investing
Listed
PIMCO
2022
PIMCO Carbon Credits Access Fund - Exploratory
Unlisted
Pioneer Capital Partners
2013
Pioneer Capital Partners Fund II - New Zealand Growth Capital
Unlisted
Pioneer Capital Partners
2016
Pioneer Capital Partners Fund III - New Zealand Growth Capital
Unlisted
Pioneer Capital Partners
2021
Pioneer Capital Partners Fund IV and Co-investment - New Zealand Growth Capital
Unlisted
Sands Capital
2023
Life Sciences Pulse Fund III –International Growth Equity
Unlisted
Slate
2021
Slate European Essential Real Estate Income Fund – Real Estate
Unlisted
Slate
2022
Slate North American Essential Real Estate Income Fund – Real Estate
Unlisted
State Street Global Advisors
2009
Segregated mandate - Passive Global Listed Equities (large cap)
Listed
State Street Global Advisors
2009
Segregated mandate – Passive Emerging Markets Equities
Listed
Stepstone
2021
Stepstone VC Secondaries Fund V – Venture Capital
Unlisted
Stepstone
2022
Stepstone Active Infra SMA – Infrastructure
Unlisted
Stepstone
2022
StepStone Opportunities Venture Capital NZ SMA – Venture Capital
Unlisted
Stepstone
2023
StepStone VC Secondaries Fund VI – Venture Capital
Unlisted
Stonepeak
2022
Stonepeak Infrastructure Fund IV - Infrastructure
Unlisted
Stonepeak
2022
Stonepeak Fern Investment Partners LP Co-investment – Infrastructure
Unlisted
Timberland Investment Group (TIG)
2022 & 2023
BTF II Fund and Co-investment – Timber
Unlisted
Timberland Investment Group (TIG)
2022
TIG TRF – Timber
Unlisted
UBS
2021
Segregated Mandate – Passive Global Equities
Listed
UBS
2021
Segregated Mandate – Multi-factor Investing
Listed
Waterman Capital
2010
Waterman Fund II – New Zealand Growth Capital
Unlisted
Wellington Management
2022
Wellington Climate Innovation Fund I – Sustainable Transition
Unlisted
Elevate NZ Venture Fund
Manager
Year appointed
Fund name and focus areas
Type
New Zealand Growth Capital Partners
2020
New Zealand venture capital
Unlisted
Internal mandates
Some of the Fund's investments are managed by the Guardians' in-house team of investment professionals.
We choose to manage investments ourselves when we have the right skill set internally, can do so for an appropriate cost, and can see an advantage in in-house management over using an external manager (for example, through our relationships with key peer funds and potential co-investors in New Zealand and globally).
We have found there to be a good business case for managing investment functions internally where the activity is a high net value-add and/or a key control function.
Investment mandates managed by the Guardians’ in-house team of investment professionals include:
- Active NZ Equities
- Beta Implementation and Completion
- Beta Multi Factor
- Cash
- Currency Management
- Direct Arbitrage
- Event-Driven Opportunity
- Global Sovereign & Credit Fixed Income
- International Growth Equity
- Life Settlements
- NZ and Overseas Transition Assets
- Opportunistic (NZ and Overseas)
- Passive NZ Equities
- Securities Lending
- Strategic Tilting
- Tactical Credit Opportunities
- US Transition Assets